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Jeremy Krahl explained the core idea: “what we’re talking about is what percentage of your overall customer volume going through your platform is attached to a payments delivery that you are supporting.” ” More volume, as Krahl reminded us, means more revenue, stickier customers, and less churn.
For Billtrust , the current market climate presented an opportune moment to go public and further the B2B paymentseducation of the business community. Fostering Education. Organizations have known for a long time that their paper-based, manual B2B payments workflows were far from ideal.
The company offers a college or university the tools to let students know exactly how much to send, while also allowing them the choice of a variety of payment methods, including credit card, PayPal or paying in their local currency. Thus, reconciliation is automated, he said.
In the Global Payments Architecture Report, PYMNTS explores how receivables platforms have the potential to ease frictions and reconcile payments in healthcare, supply chain operations and the international education market. Lessons In Tuition PaymentReconciliation. Sidebar: Reaching Globally, Thinking Locally.
The overarching theme, he said, with a nod to past conversations with PYMNTS, is that local payment methods should be used to make payments on a global scale, settled quickly and transparently.
“Students can use the portal in their own currency, fill out information and put in requests for the amount of money they want,” Carter said, adding that the system also helps Florida Tech with reconciliation. “It It also gives us additional information so that when the wire gets here we know who it is for.”.
No one at the university could find his payment (made from his bank in Spain) since the combination of bank fees and FX conversion deposited an amount different than what he owed. After a few weeks of painful reconciliation, the problem was solved – and a business opportunity was born.
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